Equity pledge is a kind of pledge with the equity of the investor as the target. In recent years, equity pledge as a new financing method, has been adopted by more and more listed companies due to its advantages of convenience and efficiency. The purpose of this paper is to analyse the influence of controlling shareholder's equity pledges on a-share stock price. By choosing net income and net cash flow from operating activities as control variables and using the method of multiple regression analysis, this paper studies the influence degree of controlling shareholder's equity pledge on stock price fluctuation. After analyzing the data of some listed companies, this study finds that equity pledge ratio has a significant effect on stock price in A-share Exchange Market.